Corporations Are Finally Responding to Identity Theft

What Some Companies Are Doing to Reduce Consumers’ Risk of Identity Theft

It’s no secret that identity theft can have horrible consequences. You are probably already aware of some of the many ways you can reduce your risk of becoming a victim of the crime, but you might not be aware of the ways some companies are trying to reduce your risk of identity theft too. If you think you’re alone in the fight against identity theft, you might take comfort in the fact that isn’t necessarily the case.

Working To Reduce Identity Theft

A California company called ID Analytics has teamed up with Visa and Equifax to create a system that may effectively reduce your risk of identity theft. This system consists of an “ID Score” identity verification assessment. Basically, the system assigns a risk assessment score to determine whether or not a credit applicant is precisely who the person claims to be. Current assessment systems are in place to determine credit scores and auto insurance scores, and the science behind this system is similar.

Think of it as a “credit score meets identity theft prevention” type of approach. The system will essentially make it that much more difficult for identity theft criminals to open up fraudulent credit card accounts.

This new system should afford consumers greater protection against identity theft, and because Visa is part of this collective effort, more consumers will be able to be reached and helped by this new identity theft prevention system. More than 400 million Visa cards have been issued in the U.S. alone, so it is easy to see how this technology can benefit many consumers.

They’re Feeling It Where It Hurts

The credit industry has been prompted to go to great lengths to reduce the potential for identity theft because consumers who are fearful of identity theft have been using their credit cards less, which has been hurting the corporations where it hurts -- right in the pocketbook.

As Always, Caveat Emptor

Remember, as a consumer, you should still continue to be vigilant with your personal and financial information. No single technology is going to completely safeguard you from identity theft, but the widespread use of such technology could definitely lessen your risk. Identity theft has been a growing concern in recent years, and it finally seems as though companies are responding to the threat identity theft presents.

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